- Tallgrass Energy Partners (TEP) -3.7% AH after announcing the potential $600M acquisition from a subsidiary of Tallgrass Development of a one-third interest in Tallgrass Pony Express Pipeline, which owns an oil pipeline being developed by Tallgrass Development that is expected to be placed in service during Q3.
- TEP says terms of the offer provide certain cash flow preference rights that will afford it with first dollar preference on specified cash distributions from Pony Express through Sept. 30, 2015.
- To fund the deal, TEP says it plans a public offering of 7M common units, with a 30-day option for the underwriters to purchase up to an additional 1.05M units.